Queue to buy houses

Barely Hedged

EunanMac wrote: »

Thanks, why didn't you, and if you did who did you vote for ?

As your points have been shown to be null and void, I'll tolerate your childish tone by telling you it was Labour - in particular Pat Rabbitte

EunanMac

Barely Hedged wrote: »

As your points have been shown to be null and void, I'll tolerate your childish tone by telling you it was Labour - in particular Pat Rabbitte

Ah the ad hominem approach, very mature

What do you think of Labour/FG now ?

The_Morrigan

EunanMac wrote: »

Thanks, why didn't you, and if you did who did you vote for ?

Barely Hedged wrote: »

As your points have been shown to be null and void, I'll tolerate your childish tone by telling you it was Labour - in particular Pat Rabbitte

EunanMac wrote: »

Ah the ad homiem approach, very mature

What do you think of Labour/FG now ?

Politics forum can be found here, this is A&P.

Barely Hedged

EunanMac wrote: »

Ah the ad homiem approach, very mature

What do you think of Labour/FG now ?

As your gems that you've chipped into the debate so far on property prices include turf cutting and the bankers combined with your waffle about Dublin and employment I don't see any need to discuss my political leanings with you or how such a discussion would enlighten me.

Also debates are won by substance to claims and counter arguements. Replying with long words such as ad hominem and adding nothing to the debate make you look pretty silly

EunanMac

Does Gerry Gannon currently have any other new development being financed by NAMA or is this the only one ?

moxin

Anyone report on how the "queue" is going today, launch day?

L1011

moxin wrote: »

Anyone report on how the "queue" is going today, launch day?

6 people there by the launch time by the sounds of things.

Media hyped this to the death and it still didn't create a longer queue.

gaius c

Barely Hedged wrote: »

Prices are still cheap now compared to what they should be

You appear to have special knowledge of what house prices "should be".
Care to share?

moxin wrote: »

Anyone report on how the "queue" is going today, launch day?

Excellent question.

http://www.irishtimes.com/life-and-style/homes-and-property/crowds-fail-to-materialise-at-launch-of-swords-development-1.1920564

Peter File

gaius c wrote: »

You appear to have special knowledge of what house prices "should be".
Care to share?



Excellent question.

/homes-and-property/crowds-fail-to-materialise-at-launch-of-swords-development-

complete and utter humiliation for the estate agents. They should hang their heads in shame over what they tried to do. considering that this development will contain 1500 houses if fully built, the people who werent fooled by the estate agents disgraceful behaviour dodged a bullet

NightOfTheHunt

I see one of the couples queuing purchased a 3 bed semi-detached today, anyone know how much those were going for?

NightOfTheHunt

NightOfTheHunt wrote: »

I see one of the couples queuing purchased a 3 bed semi-detached today, anyone know how much those were going for?

From the linked article........

"“We were originally going for the three-bed end of terrace and there was only four of those at €279,000,” she explained.
“After that it is the three bed semi-detached which are an extra €10,000 "

Given the media coverage of the recovery in the Dublin market (some reports are fairly staggering) it's almost refreshing to see that 3 bed semi ds at sub €300k prices are not attracting huge interest.

gaius c

I reckon people might have taken a drive past the estate and they would have noted that it's quite a distance outside Swords and with poor public transport links.

The price is fine if it's for a similar spec house with better amenities but not for these.

jay-me

davo10 wrote: »

Queues are not necessarily because houses are nice nor good value, they are because they are for sale and right now what is rare is desirable.



Landlords can only put rent up to market rate, if there are a lot of tenants vying for each property, it would be ridiculous not to expect the rent to be set at that rate. You may be sick, but if you move a side just a little, the people coming in behind you want to rent the property.

Better off buying a house myself and renting it out to the people behind.. oh wait that would be silly and just contributing to the big bad bubble!

Henry Ford III

€400k for a 4 bed.

Assuming a 10% deposit, and an abilty to pay the fees in cash a mortgage of €360k would require a salary north of €100k p.a.

I'm out I'm afraid. No value at those prices.

Villa05

Congratulations to those who purchased, and wish you well in the future

Interesting outcome yesterday, It would make you think how much of the recent increases are down to demand and how much is down to hype frightening people to pull the trigger.

Property in Ireland has a PR/Marketing machine that would make Apple plush, Constricting supply and getting rises in price on very low volumes seems to have done the trick in panicking the very small herd that qualify to buy at current prices to all move at the same time.

This talk of pent up demand does not stand up from yesterdays results. The under 35's are paying the most for the sins of the past,

100% mortgages in 06/07 took much of the demand that may ordinarily have purchased between 2010 and 2014
Emigration, Lower wages, Unemployment all concentrated amongst the under 35's

All these indicators are pointing towards a classic dead cat bounce in a "normal" market

lima

Villa05 wrote: »

Congratulations to those who purchased, and wish you well in the future

Interesting outcome yesterday, It would make you think how much of the recent increases are down to demand and how much is down to hype frightening people to pull the trigger.

Property in Ireland has a PR/Marketing machine that would make Apple plush, Constricting supply and getting rises in price on very low volumes seems to have done the trick in panicking the very small herd that qualify to buy at current prices to all move at the same time.

This talk of pent up demand does not stand up from yesterdays results. The under 35's are paying the most for the sins of the past,

100% mortgages in 06/07 took much of the demand that may ordinarily have purchased between 2010 and 2014
Emigration, Lower wages, Unemployment all concentrated amongst the under 35's

All these indicators are pointing towards a classic dead cat bounce in a "normal" market

I think people do not want to live in the back of Swords so most of this demand is in more inner suburbs of Dublin. It is lovely to see that this Sherry Fitz marketing trick was a flop.

Also here in rentland (D6) I have viewed apartments that were on for 270k and went for 350k, which at a guess is due to the grey-hairs trying to make some of their hoard of cash work for them. So this supply/demand this is clearly in certain area's only.

Santa Cruz

lima wrote: »

I think people do not want to live in the back of Swords so most of this demand is in more inner suburbs of Dublin. It is lovely to see that this Sherry Fitz marketing trick was a flop.

Also here in rentland (D6) I have viewed apartments that were on for 270k and went for 350k, which at a guess is due to the grey-hairs trying to make some of their hoard of cash work for them. So this supply/demand this is clearly in certain area's only.

What all this "back of Swords" stuff? Didn't the Government promise to build a Metro service to Swords? 20 minutes to O Connell St. Brilliant

lima

Santa Cruz wrote: »

What all this "back of Swords" stuff? Didn't the Government promise to build a Metro service to Swords? 20 minutes to O Connell St. Brilliant

They did but I believe it's now cancelled as they anticipated the population to grow in Swords to 100,000. Apparently it will be a long time before it grows to this amount so it's probably going to be another generation or two before it happens.

Pity though as it would have been a handy place to live with the Metro.

ec18

lima wrote: »

They did but I believe it's now cancelled as they anticipated the population to grow in Swords to 100,000. Apparently it will be a long time before it grows to this amount so it's probably going to be another generation or two before it happens.

Pity though as it would have been a handy place to live with the Metro.

is the new luas extension not going out that way?

Mongfinder General

ec18 wrote: »

is the new luas extension not going out that way?

What now?

f3232

One of them is 23 years old and working in retail, with €30k saved for the deposit and €250k mortgage offer on the table.
How dare you question the authenticity of these people!

Thoie wrote: »

Based on the 3.5 times your salary (is that a thing?), I'm in the wrong job. Unless...

♫Her name was Lola...♫

The girl is being called a liar and a prostitute after doing a vox pop- don't you just love the anonymity-spite-bile of the interweb.

Also no one knows her circumstances regarding the overall context of her financial situation.

Best of luck to the girl I say.

lima

ec18 wrote: »

is the new luas extension not going out that way?

No not out to Swords

https://www.luascrosscity.ie/map/

Eric Cartman

lima wrote: »

No not out to Swords

https://www.luascrosscity.ie/map/

+1 its only extending out to meet the commuter rail line at the cess pit that is broombridge station. the whole project will be yet more proof that fancy glass and metal buildings do not gentrify an area.


Id be more surprised if all of these sold out in one day, aside from a few people queuing overnight to try buy a house this is still some proof that buyers in Ireland haven't gone on a mental land grab for anything and everything near dublin. These houses are overpriced (imo) , in a bad spot for public transport , and with the permission to build 1500 houses, you'd be living in a construction site for the next 15 years.

washman3

During the farce that was the 'Celtic Tiger' some developers actually paid people to queue in order to inflate the hype. People that had actually no intention of buying that is. Something very fishy going on here too..

washman3

f3232 wrote: »

The girl is being called a liar and a prostitute after doing a vox pop- don't you just love the anonymity-spite-bile of the interweb.

Also no one knows her circumstances regarding the overall context of her financial situation.

Best of luck to the girl I say.

And the very best of luck to her too I say.
Just don't want to hear her on Joe Duffy in 3/4 years time....;)

fliball123

MysticalRain wrote: »

I would agree also that if prices did drop in the worse case scenario, it would be back to 2012 levels (I like to joke that that would put me in a small amount of negative equity)

I tend to take a less optimistic view than you over all - the "great recession" could just as easily be followed by a period known as the "great stagnation" for a lot of western economies (I think we will be luckier than most if that happens due to our competitiveness relative to other economies).

Prices only seem like "good value" relative to the peak of the bubble. For a normal functioning economy, never mind one with as many problems as ours, I still consider them to be ludicrous.

It depends on what you call value..the rent prices are starting to tilter out of control..I would love to see how Dublin fairs out with all of the other major cities in the world such as London, Paris and not just a comparison with them but how it fairs out with regard to the rest of the country..IMO Dublin will continue to go up due to supply shortage, due to high rents and due to outside investors seeing the rents and knowing a good deal when it comes..One company that has bought over 400million worth of property in Dublin turned a 28million euro profit over the last year. These things cannot be ignored...the 3.5times the average persons salary is no longer valid as its a global market even if its local stock. You can call them ludicrous but people need to live somewhere and rents are only going one way aswell


A lot of people said we were going the way of china after the crash bumping around down the bottom for a while...Dublin is not a property market that adheres to the norm..and add in the irish love of buying property is unparallelled around the globe...

fliball123

Barely Hedged wrote: »

I use the peak as a benchmark but I don't price in value off that benchmark. There is still a lot of value in the housing market in loads of places on Dublin relative to earnings * 4 for a couple. Just because Dublin 4/6 is unattainable to a lot of people and prices are more volatile should not skew the argument.

This is based on the Core of Europe slowing down at the moment. They'll take the inevitable steps to restructure if they requireit. True, places like Japan have stagnated in the past but their economy is nowhere near comparable to the open market of the EU. Sure look at how Greece have turned it around as a good example.

Why is earnings * 4 still a valid mechanism for buying property when its global and people with money on the hip all over the world are looking at ireland and buying. its no longer valid when it comes to Dublin at least maybe the rest of the country yes but not Dublin..The same way London would be more than earnings * 4 or Paris.

fliball123

Villa05 wrote: »

Congratulations to those who purchased, and wish you well in the future

Interesting outcome yesterday, It would make you think how much of the recent increases are down to demand and how much is down to hype frightening people to pull the trigger.

Property in Ireland has a PR/Marketing machine that would make Apple plush, Constricting supply and getting rises in price on very low volumes seems to have done the trick in panicking the very small herd that qualify to buy at current prices to all move at the same time.

This talk of pent up demand does not stand up from yesterdays results. The under 35's are paying the most for the sins of the past,

100% mortgages in 06/07 took much of the demand that may ordinarily have purchased between 2010 and 2014
Emigration, Lower wages, Unemployment all concentrated amongst the under 35's

All these indicators are pointing towards a classic dead cat bounce in a "normal" market

Can you point out these indicators are as I can not see them?

Thoie

fliball123 wrote: »

Why is earnings * 4 still a valid mechanism for buying property when its global and people with money on the hip all over the world are looking at ireland and buying. its no longer valid when it comes to Dublin at least maybe the rest of the country yes but not Dublin..The same way London would be more than earnings * 4 or Paris.

4 times your salary is not a valid mechanism for buying property, but it is a valid mechanism for judging your capability of repaying a loan, which is why the banks use it. It's actually gone up - it used be 2.5 times salary, of which there used generally only be one earner in a household.

You can't just say the average worker earns €30k, houses cost €400k, therefore we should lend at 13x salary - the repayments wouldn't be affordable in a reasonable amount of time.

fliball123

Thoie wrote: »

4 times your salary is not a valid mechanism for buying property, but it is a valid mechanism for judging your capability of repaying a loan, which is why the banks use it. It's actually gone up - it used be 2.5 times salary, of which there used generally only be one earner in a household.

You can't just say the average worker earns €30k, houses cost €400k, therefore we should lend at 13x salary - the repayments wouldn't be affordable in a reasonable amount of time.

Yes I agree but people ability to repay a loan/mortgage and value of property in Dublin in particular no longer correlates as its the vulture capitalists and guys with cash on the hip outside of Ireland who seem to be buying a lot of the property. You need to bring in the fact that 3/4 times their salary is a lot more than the AIW of Dublin in order to have an appropriate price. IMO the government need to put an additional tax on these people buying outside the country in order to allow Irish/domestic based people buy houses.